A Chinese food group has completed the acquisition a majority holding in Burton Latimer-based Weetabix.
Bright Food, one of the largest food companies in China, has taken over 60 per cent of the shares in the cereal company in a deal worth £1.2bn.
In a statement, Bright Food said a rapidly increasing market for cereal in China would help drive “the global growth and success of the Weetabix business”.
Giles Turrell, CEO of Weetabix, said he was delighted with the deal. “We firmly believe that Weetabix will benefit from Bright Food’s extensive resources and experience in both the Chinese and international markets,” he added.
“We are confident that with Bright Food’s support we will be able to significantly strengthen our market position and expand our business internationally.”
Chairman of Bright Food, Zongnan Wang, described the deal as “a landmark acquisition” for his company. He said: “Weetabix has a high quality portfolio of brands, best in class production standards and excellent track record of innovation and we are confident that with support from Bright Food, Weetabix’s sales in China will outperform the growth of the Chinese cereal market.”